Morton Frank v. Commissioner
United States Tax Court
20 T.C. 511 (1953)
Relevant factsFree
Morton and Agnes Dodds Frank (plaintiffs), interested in buying and operating a newspaper or radio station, spent from late November 1945 traveling across the country in search of one to purchase, finally buying an Ohio newspaper in November 1946; they incurred significant travel, communication, and legal expenses during that year-long search and deducted $5,965 of them as ordinary and necessary business expenses.
IssueFree
Whether expenses incurred while investigating and looking for a new business are deductible as ordinary and necessary business expenses.